Gold finally did what many of us have been waiting on for a long time, and notched up a new all-time-high while closing strong into the weekend.

It's been over three years in the making, and had some gut wrenching pullbacks in the interim.

The problem with gold over the course of The Fiat Era – is that with  notable exceptions, new all-time-highs were usually an intermediate top signal that portended an imminent, significant pullback, followed by lengthy sideways grinds that could drag out for years.

To be sure,  since The Nixon Shock in 1971, when dollar convertibility into gold was suspended temporarily  – gold has for the most part been solidly "up and to the right", as the Bitcoiners like to say.